Minister of Planning and Investment Bui Quang Vinh has affirmed that his ministry would propose the government to introduce bold measures in order to enforce a more serious implementation of the newly amended laws on Investment and Enterprise by state officials.
At a dialogue with the participation of more than one hundred leaders of domestic and foreign companies, hosted by VIR and KPMG on March 31 in Hanoi, Vinh affirmed that the move would be of importance to facilitate enterprises to invest and do business in the country.
“Our laws have been very mindful of enterprises, but I am really concerned over their implementation, especially at the local level,” said Vinh.
He cited the amended Investment Law which regulates the issuing of investment certificates for investment projects within 15 days, acknowledging the fact that this procedure in practice could be longer depending on the implementation of local authorities.
“Whatever they do, they must comply with the regulation,” Vinh said.
Currently, the Ministry of Planning and Investment is drafting two decrees guiding the implementation of the new Investment Law and the Enterprise Law, which will take effect on July 1. These laws are expected to improve business environment through the removal of complicated administrative procedures and to specify the definition of foreign and domestic companies.
Given the rebound of the economy in the first quarter this year, with a quoted 6.03% of increase in GDP growth, Vinh reaffirmed the success of the Vietnamese government in stabilising the economy and improving the investment environment.
According to the MPI, foreign investors continue to be committed to making new investments and expand their projects in the first quarter, worth US$1.83 billion in total, slumping 45% year-on-year. However, during January-March, the FDI disbursement reached US$3.05 billion, up seven per cent from a year earlier.
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